So a friend of mine and myself are considering attempting to start out own small business. Won't really go into detail as to what it is as that isn't what is as important at this stage. We are very early on and really only have a rough timeline of when we both are hoping to be launched by. Hoping for some insight from some of the NEOW small business owners and those with experience with such matters.
Rough startup cost is $100,000.
We are both looking at VA backed SBA loans. Is that a thing? Can we separately borrow funds for the same enterprise? How does that work with us both have financial burdens for the same business? Will we have to pursue one loan that we are both attached to?
LLC or Partnership? From what I see multiple member LLC's are taxed the same as partnerships but LLC's are more protective of personal financial liabilities for the business.
This business will be mainly mobile. Whats the best way to wrap the vehicles into the business. Both of our trucks will be used to haul equipment from jobsite to jobsite.
Paying ourselves. Whats the best way, payroll company?
Insurance. Seems local is better from what I've been told.
What wold you do differently if you could start over? What is your advice? I refuse to go into this without exploring every possible avenue I can Kids and all that.